This round in the crypto space, with AI's disruptive impact, the identity of tech revolutionaries has been completely lost. Crypto 'security'-type tokens are on the rise. Aside from the hype, $BNB is also climbing. The common thread? Dividend and buyback-style securities. On the business side, Binance and hype are both aggressively expanding by launching stock token contracts. The economic models of various tokens have turned into scams, with no new users or funds coming in. Veterans are also seeing their assets shrink significantly amid the pullbacks of $BTC and $ETH. This bull-bear cycle is actually different. It's returning to business models. How project teams make money has become the new consensus, and how tokens handle buybacks and dividends is now a necessary consideration. Stock-like tokens, stock contracts— essentially, they’re turning the crypto space into a tool for traditional finance. Crypto is no longer the challenge or disruption to traditional finance it once was. Clear regulations might also bring new constraints to security-type tokens. Those who haven’t realized this yet will likely continue to lose money in the crypto space in the future.